Former Karmaloop CEO to Launch New E-Commerce Site

Greg Selkoe, formed CEO of Karmaloop, and Nick Wooster hope to launch a new e-commerce site in the fall.

By Cleo Levin. Source: Rivet.

The former founder and CEO of Karmaloop, Greg Selkoe, has plans to open a new e-commerce site. In May, Selkoe stepped down from Karmaloop as the bankrupt company was acquired by investment firm Comvest Partners and financial services firm CapX Partners. Selkoe told the Boston Business Journal that his new site has already secured $1 million in seed funding.

The site could launch by the end of October, and Selkoe aims to be conducting business by the holidays. He said that the site would not be a competitor to Karmaloop, and that he would be collaborating with Nick Wooster, street style icon and former men’s fashion director at Bergdorf Goodman and Neiman Marcus.

Selkoe also said that he was working on launching an annual conference for “cultural creatives” with high-profile artists including Pharrell Williams.